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Chapter 3 vocab
| Term | Definition |
|---|---|
| accounts payable | Accounts payable (AP) is a short-term liability on a company's balance sheet representing money owed to suppliers or vendors for goods and services received on credit |
| accounts receivable | A credit entry to accounts receivable (AR) reduces the outstanding balance owed to your business by a customer |
| Creditor | A creditor is any individual, business, or institution that lends money or extends credit to another party, who is known as the debtor |
| expense | An expense is an outflow of money, cash, or other assets used to pay for goods, services, or operations |
| investment on account | An investment account lets you buy and hold assets like stocks, bonds, and funds to grow your wealth over time |
| property withdrawal | Property revenue withdrawal refers to taking out cash generated by a real estate investment, usually from rental income or a refinance, to distribute it to the property owners or investors. How you handle these withdrawals depends entirely on your legal b |
| credit | Credit is the ability to borrow money or access goods and services with the promise of paying for them later, usually with interest or fees |
| revenue | Revenue is the total amount of money a business earns from selling goods or services before subtracting any expenses |
| withdrawal | the group of physical and emotional symptoms that occur when a person suddenly stops or reduces the use of a habit-forming substance |
Created by:
nreynolds27